As the battle to win a New York City casino license continues to play out, one of the bidders is promising $1 billion in annual taxes to the state if awarded the license.
Genting Malaysia already operates the Resorts World casino in Queens and is seeking one of the licenses to greatly expand the property. Resorts currently pays about $600 million taxes per year and company officials say that would rise to $1 billion if granted the license.
“Genting is pledging to continue paying the state about 67% of its slot machine revenue in taxes, an amount that includes administrative fees and other expenses,” Bloomberg reported. “The share paid for table games like blackjack would be lower. In addition to adding those games, an expanded license could allow the casino to stay open 24 hours and offer credit to bettors.”
Expansion Plans
Those additions would see the company grow revenue significantly, according to reports. Resorts World is located next to Aqueduct racetrack and features about 1,000 slots and electronic table games.
Those offerings would grow if the company, which also operates a Resorts World property in Las Vegas, if the license is issued. That would include operating live table games.
Genting released plans for the expansion in March. The $5 billion project will feature a one million-square-foot facility with a 350,000-square-foot casino. The project adds 1,600 new hotel rooms and also includes a new, 7,000-seat entertainment venue, a new day club, a spa, and more.
“We’re proud to have grown with the Queens community for over a decade,” Genting Americas East President Robert DeSalvio said. “When we stood here more than a dozen years ago to break ground on Resorts World New York City, our vision extended well beyond that already-ambitious original plan – today, that vision can soon become reality.
State gaming regulators are looking to award three licenses, with two expected to go to gaming venues already in place, which also includes MGM Resorts’ Empire City Casino in Yonkers.
Winners of the bidding are to pay the state a one-time $500 million fee as well as some of the highest gaming taxes in the country. State regulators recently indicated that because of zoning regulations and environmental reviews involved with some of the potential casino sites, the process could now stretch into 2025.
